He once visited The Virgin Islands... they are now called The Islands
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Boeing tells Bloomberg employees violated company policy by skipping test
Boeing said it learned that several employees have been violating company policies by not performing a required test but recording the work as having been completed, the company said in an emailed statement to Bloomberg, citing Scott Stocker, 787 vice president and Boeing South Carolina site leader. "Fortunately, our engineering team has assessed that this misconduct did not create an immediate safety of flight issue. But it will impact our customers and factory teammates, because the test now needs to be conducted out of sequence on airplanes in the build process," Boeing is quoted as having said. Boeing said it has zero tolerance for not following processes designed to ensure quality and safety and is taking "swift and serious corrective action with multiple teammates," adding that the company learned of the issue after an employee saw something in a factory that he believed was not being done right, and spoke up about it.
Goldman says Gossamer's new deal validates attractive opportunity for seraltunib
Goldman Sachs notes that Gossamer Bio has announced that it has reached an agreement with Chiesi Farmaceutici to commercialize and further develop seralutinib, which in the firm's view provides external validation of a competitive, de-risked PAH asset that has been largely dismissed by the market. More specifically, the agreement calls for advancing the development of seralutinib in pulmonary hypertension associated with interstital lung disease, or PH-ILD, to co-commercialize seralutinib in PH-ILD and pulmonary arterial hypertension, or PAH, in the U.S., and to form a royalty agreement in an out-licensing royalty deal of seralutinib's ex-U.S. rights to Chiesi. The immediate development reimbursement payment of $160M improves Gossamer's capital position, in Goldman's view. The firm has a Buy rating on the shares with a price target of $8.
Goldman says Gossamer's new deal validates attractive opportunity for seraltunib
Goldman Sachs notes that Gossamer Bio has announced that it has reached an agreement with Chiesi Farmaceutici to commercialize and further develop seralutinib, which in the firm's view provides external validation of a competitive, de-risked PAH asset that has been largely dismissed by the market. More specifically, the agreement calls for advancing the development of seralutinib in pulmonary hypertension associated with interstital lung disease, or PH-ILD, to co-commercialize seralutinib in PH-ILD and pulmonary arterial hypertension, or PAH, in the U.S., and to form a royalty agreement in an out-licensing royalty deal of seralutinib's ex-U.S. rights to Chiesi. The immediate development reimbursement payment of $160M improves Gossamer's capital position, in Goldman's view. The firm has a Buy rating on the shares with a price target of $8.
$GME
GAMESTOP SHARES EXTEND DECLINES, LAST DOWN 15.3%
Elon Musk's no.2 at Tesla goes back to China as the CEO isolates himself at the top
electrek.co
NIO call volume above normal and directionally bullish
Bullish option flow detected in NIO with 66,308 calls trading, 4x expected, and implied vol increasing over 2 points to 81.70%. 5/10 weekly 6 calls and 5/10 weekly 6.5 calls are the most active options, with total volume in those strikes near 15,000 contracts. The Put/Call Ratio is 0.34. Earnings are expected on June 6th.
Market Action: it is a quiet start to what should be a relatively quiet week of trading compared to the volatility seen over the last several weeks. Action has also been stifled today with UK and Japanese markets on holiday. Bonds have a decent bid after Chair Powell removed tail risk of a rate hike this year. The softer jobs and services ISM reports helped revive rate cut hopes with nearly 50 bps priced in, and possibly starting as soon as September. Concurrently, rate cuts in Europe are largely expected in June. Bonds could find a haven bid again as Israel reportedly prepares for an invasion of Rafah. There is a very light U.S. data calendar with just claims and consumer confidence of interest. There is a heavy Fedspeak slate but there is not much to be said currently on policy. Supply may be the biggest market mover this week with the $125 B Treasury refunding on tap. There are more earnings reports but most of the big names are out of the way. Treasuries are extending gains with yields about 2 bps lower, even ahead of supply. The 2-year is -1.5 bps at 4.801%, down -20 bps after testing 5% in late April. The wi 3-year is -1.7 bps richer at 4.625%, versus 4.83% from April 26. And the wi 10-year is -1 bp lower at 4.490%. The note recently tested 4.70%. Meanwhile, European rates are about -2.5 bps lower. Wall Street opened in the green with the Dow up 0.5%, teh S&P 500 0.4% higher, and the NASDAQ advancing 0.3%5%. European bourses are some 0.5% firmer. The DXY continues to sag and has fallen to 104.934 and has closed with a 104 handle since April 9.
PNC Financial, TCW announce partnership
The PNC Financial Services Group and the TCW Group, a global asset manager, announced they are partnering to deliver private credit solutions to middle market companies. The PNC and TCW partnership formalizes and expands more than 15 years of collaboration between PNC and TCW, combining both institutions' credit expertise: TCW's 23-year track record of successfully originating, underwriting and managing direct lending portfolios; and the strengths of PNC's national client relationships and its leading middle market lending franchise. The new joint strategy will focus primarily on directly originated, senior secured cash-flow and asset-based loans to both sponsored and non-sponsored middle market companies.
Disney price target raised to $130 from $125 at Deutsche Bank
Deutsche Bank raised the firm's price target on Disney to $130 from $125 and keeps a Buy rating on the shares. The firm increased operating income estimates to reflect Parks, Sport and Studio, partially offset by lowered direct-to-consumer numbers. While the stock doesn't offer tremendous upside unless there is further multiple expansion, Disney can maintain its current price-to-earnings multiple and carry it forward to 2025 estimates as the year progresses on the back of strong earnings growth, the analyst tells investors in a research note. Deutsche thinks the company "has regained its stride" and the risk of negative earnings revisions for the remainder of the year is relatively low, with positive revisions having a higher probability
Magna price target lowered to $57 from $60 at Raymond James
Raymond James lowered the firm's price target on Magna to $57 from $60 and keeps a Market Perform rating on the shares. Magna's Q1 results were generally below the firm's expectations after the company previously guided to Q1 representing the most challenging quarter of the year, the analyst tells investors in a research note.
$TSLA
? ELON MUSK CALLS ON WARREN BUFFET TO TAKE A STAKE IN TESLA
JUST IN 🚨: Robinhood $HOOD has received a Wells Notice from the SEC in regards to its crypto trading activities
The final frontier
After the space shuttle program was retired in 2011, NASA turned to private companies for space station deliveries. SpaceX began supply runs over a decade ago, before launching its first astronauts in 2020 and ending NASA's reliance on Russian spacecraft. It also beat Boeing (BA) in the race to space under NASA's Commercial Crew Program after the U.S. aerospace giant, whose resume goes back to the Apollo moon missions, ran into issues and delays during flight testing and manufacturing.
Out of this world: Commercial Crew was structured as a multi-tiered competition to get private sector companies to produce the most cost effective, innovative and safe way to get to the International Space Station. While SpaceX (SPACE) has already sent nine manned missions to the ISS with its Crew Dragon capsule, Boeing's Starliner is finally arriving to the launch pad. There's a lot on the line for the company, which has incurred $1.4B in accounting losses for the program, as well as recent reputation problems ranging from crashes of its MAX jets to a door plug that blew out mid-flight.
Starliner is set to blast off on Monday at 10:34 PM ET, with astronauts Barry Wilmore and Sunita Williams on board. The vehicle will launch from Cape Canaveral via an Atlas V rocket built by United Launch Alliance, a joint venture between Boeing and Lockheed Martin (LMT), and will take 26 hours to reach the space station. Starliner will return the pair to Earth about a week after docking with ISS, landing in the American Southwest with giant parachutes, in comparison to the iconic water splashdowns of SpaceX's Crew Dragon capsule.
Investing sphere: "With another $6.5B invested in Q1, there has now been $286B of equity investment into 1,779 unique space companies since 2015," Space Capital founder Chad Anderson wrote in the latest Space Investment Quarterly. "The total investment in Satellite infrastructure over the last decade overtook Launch for the first time in Q1 signaling that the balance has shifted from getting things into orbit, to developing capabilities now that we're there. Geospatial intelligence also overtook satellite communications for the first time, highlighting the growing demand for these orbital assets."
Woodstock of Capitalism
Warren Buffett wants his expected successor Greg Abel to take over stock investing decisions if he were to step down. "He understands businesses extremely well, and if you understand businesses, you understand common stocks," the Oracle of Omaha said at Berkshire Hathaway's (BRK.A) (BRK.B) annual shareholder meeting. The statement came after the conglomerate posted a 39% jump in its Q1 operating profit, along with a cash pile that hit a record $189B. Despite a major stake cut, Apple (AAPL) is expected to remain Berkshire's largest holding in 2024, though Elon Musk is trying to get Tesla (TSLA) in on the action. (49 comments)
Recovery plan
Trouble at Starbucks (SBUX) has prompted former Starbucks chief Howard Schultz to weigh in on the situation. "I've emphasized that the company's fix needs to begin at home: U.S. operations are the primary reason for the company's fall from grace," he wrote on LinkedIn, adding that the coffee giant needs to refocus on the customer experience after Q2 earnings "significantly" missed expectations. SBUX has declined 17% since then after slashing its guidance. SA analyst Luca Socci has sold his Starbucks position, but The Dividend Collectuh believes the bad news is a buying opportunity. (25 comments)
Earnings estimates
The Magnificent 7 contributes about one-fifth of the earnings growth to the S&P 500 (SPY) (IVV) (VOO) and analysts are ramping up expectations, according to Citi strategist Scott Chronert. Those stocks - Apple (AAPL), Amazon (AMZN), Alphabet (GOOG) (GOOGL), Meta (META), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA) - have seen Q1 earnings estimates rise more than 29%. (Nvidia has yet to report Q1). What about the other 493? Chronert says full-year earnings growth has become slightly less negative amid stabilization.
Today's Markets
In Asia, Japan closed. Hong Kong +0.6%. China +1.2%. India flat.
In Europe, at midday, London +0.5%. Paris +0.8%. Frankfurt +1%.
Futures at 7:00, Dow +0.3%. S&P +0.3%. Nasdaq +0.2%. Crude +1.1% to $78.98. Gold +0.8% at $2,327.60. Bitcoin +0.6% to $64,093.
Ten-year Treasury Yield -2 bps to 4.47%.
Today's Economic Calendar
12:50 PM Fed's Barkin Speech
1:00 PM Fed's Williams Speech
Companies reporting earnings today »
What else is happening...
Non-farm payrolls: Is worse than expected news good news?
Paramount (PARA) in formal negotiations with Apollo and SONY.
Tesla (TSLA) sets sights on Europe in latest self-driving push.
Mystik Dan: Kentucky Derby sets new wager record.
FTC's attack on high-profile executive rattles U.S. oil industry.
BTIG sees 'murky' road ahead for cannabis reclassification.
Trump Media (DJT) accounting firm charged with 'massive fraud.'
Major airlines agree on $8.5B Chicago O'Hare Airport upgrade.
ABC News president quits as Disney leadership reviews network.
Are AI stocks in a bubble? Here’s what Citadel's Ken Griffin thinks.
Ocean Power demonstrates advanced AI solutions in North Atlantic
Ocean Power Technologies announced it has completed multiple offshore demonstrations for potential customers of its Artificial Intelligence capable Maritime Domain Awareness Solution, Merrows. These demonstrations were conducted using the recently deployed Next Generation PowerBuoy. Philipp Stratmann, CEO and President of Ocean Power Technologies, expressed his enthusiasm about this milestone, stating, "There is no better tool to onboard new customers than to see our PowerBuoy based Maritime Domain Awareness Solution in its natural element, the open ocean. These field demonstrations truly highlight the advanced algorithms of the Merrows offering. They are helping us advance and accelerate our sales efforts and continue the revenue growth trajectory we have reported."
Bowlero reports Q3 adjusted EBITDA of $122.8 M vs. loss of $32.1M last year
Reports Q3 revenue $337.7M, consensus $341.51M. Reports Q3 SSS down 2.1%. Reports Adjusted EBITDA of $122.8 million versus prior year of $127.6 million and $67.4 million in 3QFY19..."Third quarter fiscal year 2024 started slowly due to weather. Post the first three weeks of January, we found a stable footing and increased investments to drive traffic. After the first three weeks of the quarter, we achieved a positive same-store-comp and double-digit total growth. Lucky Strike Miami opened in the quarter with exciting results, and we expect to have four more new builds opening in the next nine months with two in the Denver area and two in California. Summer Season Pass returned this year, and we expect that our continued investments in traffic will drive results throughout the spring and fall," said Thomas Shannon, Founder and Chief Executive Officer of Bowlero
Baidu price target lowered to $180 from $210 at Benchmark
Benchmark analyst Fawne Jiang lowered the firm's price target on Baidu to $180 from $210 and keeps a Buy rating on the shares ahead of the company's Q1 earnings report slated for May 16. Local ad checks suggested muted offline and SME ad spending in a low seasonal quarter, says the analyst, who has decided to take "a conservative approach" and revised down the firm's FY24 revenue and earnings estimates reflecting a lowered ad growth projection in light of a slow start.
gooooooooooooooooooood morning bobber
Berkshire price target raised to $666,000 from $645,000 at Keefe Bruyette
Rubric Capital urges Xperi stockholders to vote for its nominees
Rubric Capital Management, an investment advisor whose managed funds and accounts collectively own approximately 9.0% of the outstanding shares of common stock of Xperi, issued the following statement in response to Xperi's recently updated investor presentation in connection with its 2024 Annual Meeting of Stockholders. The letter read, in part, "As longtime stockholders of Xperi, we have tolerated many things. Years of underperformance. Poor transparency. Excessive compensation. Wanton spending on 'science projects.' But we cannot tolerate the twisting of financial realities to present falsified versions of share performance and dilution to investors. That is a bridge too far...Xperi doesn't seem to understand why Rubric is seeking new representation on the Board. We are doing so because since the spin-off, it is apparent that the Xperi Board has set stockholders and insiders on two different paths. It is also clear to us that the path for stockholders is currently typified by investment losses and margin and growth disappointment, while the other path, for insiders, is one of personal enrichment based on tenure at the expense of stockholders. Rubric wants the paths of stockholders and insiders to align so that both can share in the benefit of an improved Xperi, and we are confident that electing Thomas A. Lacey and Deborah S. Conrad can help achieve this. That's what this proxy contest is about."
goooooooooooooooooooooood morning bobber
$AAPL 11.2 BILLION LESS shares outstanding since they started buying back their own stock in 2013
that's 42% LESS shares
and they are buying another $110 billion..
Treasuries and Wall Street futures are surging on the tame, goldilocks U.S. jobs report, and it's putting an extra bid into European markets as well. The DXY is suffering, however, and is lower against all of its G10 peers. Short dated Treasuries paced the move with the 2-year falling -16 bps to 4.707%, but has bounced back to 4.77%. It closed at 5.03% on Tuesday after the hot ECI and ahead of the FOMC decision. The wi 3-year richened -15 bps to 4.54%, but is back at 4.615%. The wi 10-year slid to 4.435%, down -14 bps, but is at 4.480. And, the wi 30-year is at 4.650 down 7.7 bps, versus the session low of 4.625%. Wall Street futures spiked as the data show the economy cooling but not crashing. The NASDAQ is up 1.5%, while the S&P 500 and Dow are 1.1% and 1.27% firmer, respectively. Stocks were already rallying after Apple's results last night. The DXY, meanwhile, has extended its post-FOMC losses, with JPY intervention adding to its weakening. The buck fell to 104.522 and is down from the 106.221 close Tuesday. USD-JPY has plunged to 151.86 from 157.80 Tuesday.
US FED FUNDS FUTURES RAISE CHANCES OF RATE CUT IN SEPTEMBER TO 78% AFTER JOBS DATA VS 63% JUST BEFORE
The U.S. jobs report revealed small but widespread undershoots across payrolls, hours-worked, wages, and the household data. Analysts saw a restrained 175k April payroll gain after -22k in revisions and an expected down-tick in the workweek back to 34.3 that allowed a -0.1% hours-worked decline. The goods sector posted a lean 14k jobs gain with a -0.4% hours-worked drop. Hourly earnings rose by just 0.2% to leave a drop in the y/y gain to a 3-year low of 3.9% from a prior low of 4.1% in March. Civilian employment rose by just 25k alongside an 87k labor force increase to allow a jobless rate rise to 3.86% from 3.83%, and the labor force participation rate sustained the March rise to 62.7% after three months at 62.5%, leaving the rate just below the 3-year high of 62.8% last seen in November. Payrolls are 4.4% above their level in Q4 of 2019, while hours-worked are 4.8% above that pre-pandemic level. The rise for real GDP from Q4 of 2019 to Q1 sits at 8.7%. Hours-worked have slightly outpaced payrolls since Q4 of 2019 due to a longer workweek, while real GDP has sharply outpaced both metrics due to the pandemic productivity climb, though both of shifts have been trimmed since 2021.
Largest decreases in stock option open interest $PTON $PFE $C $CCJ $SBUX $KTOS $PTON
Cohu price target lowered to $40 from $45 at B. Riley
B. Riley analyst Craig Ellis lowered the firm's price target on Cohu to $40 from $45 and keeps a Buy rating on the shares after the company reported Q1 results slightly above expectations while offering a Q2 outlook that was "fractionally lower as A&I bounces along." Following the report, the firm fine-tuned its estimates, with calendar 2024 a little lower and 2025 a little higher, the analyst tells investors.
? US Labor Apr Nonfarm Payrolls +175K; Consensus +240K
? US Apr Unemployment Rate 3.9%; Consensus 3.8%
? US Apr Average Hourly Earnings +0.20%, or +$0.07 to $34.75; Over Year +3.92%
? US Apr Private Sector Payrolls +167K and Government Payrolls +8K
? US Apr Average Workweek -0.1 Hour to 34.3 Hours
? US Apr Labor-Force Participation Rate 62.7%
? US Mar Payrolls Revised to +315K; Feb Revised to +236K
? US Labor Apr Nonfarm Payrolls +175K; Consensus +240K
? US Apr Unemployment Rate 3.9%; Consensus 3.8%
? US Apr Average Hourly Earnings +0.20%, or +$0.07 to $34.75; Over Year +3.92%
? US Apr Private Sector Payrolls +167K and Government Payrolls +8K
? US Apr Average Workweek -0.1 Hour to 34.3 Hours
? US Apr Labor-Force Participation Rate 62.7%
? US Mar Payrolls Revised to +315K; Feb Revised to +236K
? US Labor Apr Nonfarm Payrolls +175K; Consensus +240K
? US Apr Unemployment Rate 3.9%; Consensus 3.8%
? US Apr Average Hourly Earnings +0.20%, or +$0.07 to $34.75; Over Year +3.92%
? US Apr Private Sector Payrolls +167K and Government Payrolls +8K
? US Apr Average Workweek -0.1 Hour to 34.3 Hours
? US Apr Labor-Force Participation Rate 62.7%
? US Mar Payrolls Revised to +315K; Feb Revised to +236K
Texas Roadhouse price target raised to $160 from $138 at Barclays
Barclays raised the firm's price target on Texas Roadhouse to $160 from $138 and keeps an Equal Weight rating on the shares. The company's Q1 was better than expected top to bottom, and its comp momentum continued in Q2, the analyst tells investors in a research note.
Amgen reports Q1 adjusted EPS $3.96, consensus $3.87
Reports Q1 revenue $7.4B, consensus $7.44B. "With many of our innovative products delivering strong growth and promising new medicines advancing through our pipeline, we are excited about delivering attractive long-term growth," said Robert Bradway, chairman and CEO.
Okta call volume above normal and directionally bullish
Bullish option flow detected in Okta with 2,311 calls trading, 1.2x expected, and implied vol increasing over 1 point to 66.45%. May-24 100 calls and 5/3 weekly 96 calls are the most active options, with total volume in those strikes near 750 contracts. The Put/Call Ratio is 0.38. Earnings are expected on May 29th.
Synopsys nears $2 billion-plus software unit sale to buyout firms, sources say
GOOOOOOOOOOOOOOOOOooooooooooooooooooooooooooooooood morning
? 317000 ART INSTITUTES STUDENTS' DEBTS CANCELLED
? 317000 ART INSTITUTES STUDENTS' DEBTS CANCELLED
There's a famous adage on Wall Street called "Sell in May and go away," but investors are analyzing if the strategy still holds any merit. The investment approach posits that stocks tend to underperform in the six months through October, so investors should convert to cash at the start of May and then buy into a dip later in the fall. The origins of the saying go back quite a while, with reasons ranging from vacation cycles to bonus allocations, and others noting that the worst market crashes of 1929 and Black Monday in 1987 occurred during this period.
Thought bubble: Many academic papers and market research have been written on the subject, with breakdowns by stock class or time periods. While seasonal patterns do exist, and equities could face some increased risk in the summer months, they still tend to go up over the long term despite additional volatility. Staying fully invested could prove safer than trying to time the market in any given year, and there are countless indicators out there for better portfolio decisions, such as earnings, valuations, and the direction of interest rates.
"The 'Sell in May and go away' adage has a weak track record over the past 40 years, with the S&P 500 having positive returns in over 75% of summer periods," writes Lawrence Fuller, Investing Group Leader of The Portfolio Architect. "The S&P 500 has historically finished the year higher when the first four months posted a gain, supporting a continuation of the bull market."
Unconvinced? If anything, bears have been pointing to the outsized market gains seen since late October and the latest top hit in late March. In only five months, the S&P 500 Index (SP500) soared nearly 28% to hit a peak of 5,264, before slumping 4% in April. Dip buyers may still be waiting for the too-far, too-fast rally to fizzle before inching back into the market, especially given a new period of inflation uncertainty, slowing consumer spending and GDP, and signs of waning risk appetite. (5 comments)
Lack of progress
Recent data showing higher-than-desired inflation means it will take more time for the Fed to gain confidence that price pressures are sustainably easing. That was the main message coming out of Jay Powell's FOMC presser on Wednesday, where he dismissed talk of stagflation after the central bank maintained its key interest rate at 5.25%-5.50% for the sixth consecutive meeting. The FOMC also decided to ease quantitative tightening by slowing the pace of its balance sheet runoff, pushing Treasury yields lower. "Powell adopted a more dovish tone," noted SA analyst Christopher Robb, but also "expressed confidence that long-term inflation expectations are anchored." (35 comments)
Industry heavyweight
It's hard to trade earnings. Shares of Novo Nordisk (NVO) fell more than 3% in premarket trading despite an outlook boost on the back of strong Q1 results. The performance was driven by increased demand for Novo's blockbuster GLP-1 weight-loss drugs Ozempic and Wegovy, which have taken the industry by storm and sent the stock flying. The Danish drugmaker still faces stiff competition in the weight-loss drug market from Eli Lilly (LLY), which has seen surging demand for its GLP-1s. Novo also warned of continued pricing pressures on its diabetes and obesity drugs, as well as supply constraints and shortages. (9 comments)
Big Oil gets bigger
M&A activity in the Permian Basin is progressing, with the FTC poised to approve Exxon Mobil's (XOM) $60B purchase of Pioneer Natural Resources (PXD) after the companies agreed to minor concessions. The approval is likely within days, but it will reportedly be conditioned on Pioneer founder and former CEO Scott Sheffield not joining Exxon’s board as planned. The all-stock deal was announced in October and would make Exxon the most dominant producer in the region. Pioneer is the Permian's largest operator at 9% of gross production, while Exxon is no. 5 at 6% of gross production. (14 comments)
Today's Markets
In Asia, Japan -0.1%. Hong Kong +2.5%. China -0.3%. India +0.2%.
In Europe, at midday, London +0.4%. Paris -0.7%. Frankfurt +0.1%.
Futures at 7:00, Dow +0.5%. S&P +0.7%. Nasdaq +0.9%. Crude +0.6% to $79.50. Gold -0.2% at $2,306.80. Bitcoin +0.3% to $57,822.
Ten-year Treasury Yield -3 bps to 4.61%.
Today's Economic Calendar
Auto Sales
7:30 Challenger Job-Cut Report
8:30 International Trade in Goods and Services
8:30 Initial Jobless Claims
8:30 Productivity and Costs
10:00 Factory Orders
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
Companies reporting earnings today »
What else is happening...
Big Tech earnings wind down with Apple (AAPL): Looking for GenAI.
IPOs on watch as Viking (VIK) debuts 10% above IPO pricing level.
UnitedHealth (UNH) CEO confirms $22M ransomware payment.
Earnings miss, but NYCB (NYCB) soars on new financial targets.
Tesla (TSLA) pulls back on gigacasting ambitions after cost cuts.
Embraer (ERJ) explores making planes to rival Boeing and Airbus.
Shorts may be put to the test as Carvana's (CVNA) stock drives higher.
More chip earnings: Qualcomm (QCOM) beats, gives strong outlook.
Pfizer (PFE) raises full-year guidance amid major cost savings push.
J&J (JNJ) seeks $6B settlement to resolve talc-related cancer claims.